COAL Indias initial public offering (IPO) drew bids for at least 2.3 lakh crore,or $54 billion in cashenough to build 25 airports similar to the sparkling New Delhi oneindicating investors eagerness to buy if shares are priced reasonably.Janus Capital,Fidelity,Franklin Templeton and Capital International led overseas investors bids while State Bank of India,ICICI Bank and Life Insurance Corporation topped the list of domestic institutions,raising hopes of strong demand for forthcoming issues,said people familiar with the bids.Coal India joins the league of top state-run companies in the world such as Chinas Agriculture Bank that sold $22 billion worth of shares and Brazils Petrobras that raised $70 billion.Companies in emerging economies are drawing record funds as investors in developed markets fear a double-dip recession in their home countries.This is a premier organisation, said finance minister Pranab Mukherjee.It speaks how much confidence they enjoy. State-run companies have been outperforming the market,with the BSE PSU Index gaining 25.5% in the last three years,compared with the Sensex 12.8%.Shares in Maruti Suzuki have risen 12-fold since the IPO,and utility NTPCs have trebled.The likely pricing of shares at the top end of the 225-245 band will make it the biggest listed coal producer in the world,qualifying to be the global industry benchmark.It will be the seventh most valuable firm in the country.Price band of the issue at a valuation lower than comparable global peers did induce investors to queue up as gains seem to be assured when it begins trade on November 4.PRABHAKAR MANI PGDM 1 SEM

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